Dogecoin is approaching the important level of $0.115, and the upward momentum is looming!
Dogecoin (DOGE) is advancing towards the key resistance level of $0.115, which seems to indicate a possible upward breakout. Judging from the trading data, the upward liquidation trend and the strong number of open contracts show the increase in trader confidence.
Although the price of DOGE is $0.1140.5 as of now, down 0.56%, Dogecoin is receiving more and more attention with the increase in large transactions, which may be behind the increasing interest of institutional investors and big players.
So, is DOGE ready to break out, or will it continue to hover in the current range? Several key factors may reveal the future direction of Dogecoin.
Can Dogecoin gain a foothold?
Currently, the price of Dogecoin fluctuates back and forth between the key support level of $0.108 and the resistance level of $0.115. Therefore, whether or not these two price levels can be broken may determine the next trend of Dogecoin.
If DOGE succeeds in standing above $0.115, the upward trend may continue further; but if the price loses the support level, it may drop to $0.100.
Social heat of Dogecoin: Is the hype true?
Right now, Dogecoin's social dominance is 1.09%, showing its strong influence in the cryptocurrency circle. For meme coins like Dogecoin, social heat is key because public opinion often drives market activity.
If social heat continues to rise, it may inspire new buying enthusiasm; but if the discussion on social media decreases, it may dampen this enthusiasm and affect Dogecoin's rebound momentum. Therefore, maintaining or increasing social activity is crucial to the price trend of Dogecoin.
Open interest: What are traders thinking?
As of now, the open interest of Dogecoin is $520.69 million, a slight decline of 1.73%. This decline may mean that some traders are operating cautiously and choosing to take profits.
After a few days of sharp decline, it’s time to enter the market and ambush SUI, APT, DOGE, WIF, FET, AAVE, and BNX, otherwise you will miss this bull market! If you are still hesitant and confused about the specific operation, like and leave a message, I will teach you.
